The Donaldson Sisters from Aged Care 101 interview Phil Reid from Sydney Aged Care Financial Advisers on the aged care financial advice process and whether it is necessary to sell the family home when looking at moving a loved one into aged care. Transcript Annie/Jill: The money side of aged care really seems to have a lot of people totally bamboozled out there, especially when...

Let’s face it, the journey to aged care can be a challenging time for the resident and the entire family. We know you only want nothing but the best for yourself or for your loved one. But this doesn’t mean that aged care system should take up all of your energies. Help is available. One thing you need to know is there are some key...

I was recently invited by 2UE, Talking Lifestyle to discuss some tips and traps of aged care finance. A summary of the content discussed is available on the Aged Care 101 website here. People are struggling with the cost and complexity of aged care – especially entering a nursing home. The Australian aged care system has undergone extensive changes recently that will have a significant impact on the finances of...

A recent VicSuper study revealed that two in five retirees were unaware of the new age pension framework and much tougher age pension asset test limited that will be imposed from 1 January 2017. The Government estimates that this measure will see 91,000 part-pensioners lose their Age Pension completely while another 235,000 part-pensioners will see their age pension reduced. If you are currently assessed under...

The current residential aged care system rewards residents who are able to move to an aged care facility and rent the former home in order to help pay their daily accommodation payment (DAP). Depending of how the family structure their finances, it is possible to ensure that the rental income does not count towards the aged care means tested fee calculation. This loophole is closing...

Men are less likely to take advantage of elderly and aged care services, a new study reports. According to a report released by the Australian Institute of Health and Welfare (AIHW), older men are less likely to use aged care services. In Sydney, for instance, it is estimated that only about 30% of those who availed home care services are men. “Older men typically value outdoor activities...

Although the new rule are proposed to only take effect early next year, we can’t help but worry about the possible implications it may bring to retirees entering residential aged care. Starting 1 January 2016, rental income will no longer be exempted from means testing of age care facility fees. This may result in more retirees opting to sell their home instead or of keeping there...

On 1 July 2015, the new Commonwealth Home Support Programme (CHSP) began. The Commonwealth Government believes these major changes to the way home care services will operate will help elderly people maintain their independence and remain in their homes and communities for longer. Ian Yates, Chief Executive of the Council on the Ageing (COTA), says that under the proposed changes “the person needing the services and...

On 4 February 2015 the Reserve Bank of Australia cut the official cash rate to a fresh all time record low of 2.25%. Many economists are factoring another cut to 2% this year. While this all-time low is good news for families with , it is bad news for pensioners and self-funded retirees that rely on interest income from their cash savings. The average...

Seniors in Sydney and beyond are being forced to stay in hospitals instead of being given appropriate aged care services according to local government representatives. This has prompted stakeholders to voice their concerns regarding key aged care issues in a senate inquiry recently. The termination in the Federal Budget of the National Partnership Agreement on Financial Assistance for Long Stay Older Patients last May had...